President of the Swiss confederation Karin Keller-Sutter has warned that the future of the country’s economy depends heavily on US President Donald Trump.
In an interview with public broadcaster RTS on Wednesday, Karin Keller-Sutter said the future of the country’s economy — and most specifically its export industry — relies heavily on the decision of US president Donald Trump about the tariffs he will impose on Swiss imports.
The decision is expected on Switzerland’s National Day, August 1st.
Originally set at 31 percent, the Swiss government is hoping that it will be reduced substantially — even lower than the 15-percent tariff to be levied on the EU.
“It is now in the hands of the United States, in the hands of President Donald Trump,” Keller-Sutter said.
She emphasised the limited influence that Switzerland has globally, as “a small country.”
“We are not a superpower. We have some economic clout, but not political power [like the EU]. We have to live with that,” she said.
As of August 1st, a range of new tariffs will be imposed on most of Washington’s trading partners — some of them heavy and some sector-specific, such as a 50 percent tariff on products made with copper.
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EU exports are now set to face tariffs of 15 percent on most products — higher than customs duties before Trump returned to the White House, but much lower than his threatened 30 percent.
European Commission President Ursula von der Leyen said some agricultural products would be exempt under the agreement struck Sunday, though she did not specify which.
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France’s President Emmanuel Macron said this week the European Union had not been “feared” enough in negotiations with the United States towards a trade deal, pledging to be “firm” in follow-up talks.
“It’s not the end of it,” Macron told ministers during a cabinet meeting.
“Europe does not see itself enough as a power yet. To be free, you have to be feared. We were not feared enough.”
With reporting by AFP